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Canada’s Incredible Shrinking Economy is Costing Us

July 31st, 2015  |  Canadian Business

Canada’s economy is down another 0.2% in May making for a fifth consecutive monthly slide this year, says a Statistics Canada statement put out yesterday. The total value of the economy  declined, with manufacturing, mining, quarrying, oil and gas and utilities industries being hit the hardest.Recession is looking more likely as numbers continue to lag: service sectors dropped by 0.1 while goods-producing industries fell by 0.6 overall. Oil and gas extraction fell 1.0% in May, after decreasing 3.4% in April, and the slumping energy market has had high costs for Canadians.

Oil companies have been scrambling to save, with job cuts being reported across the board by many of the top producers.Shell and Cenovus were recently forced to slash jobs again after a round of layoffs earlier this year .

Cenovus anticipates cutting up to 400 positions in Alberta and Shell reported a similar 400 field position loss in its heavy oil division, split between their Fort McMurray and Calgary offices.

Cenovus President and CEO Brian Ferguson said, “It is always difficult when we have to let staff members go,” adding that the company did not come to its decision lightly.

It’s not all bad news says Stats Can, people are still spending in key sectors. The construction industry saw a 1.0% increase. Even more promising, real estate agent and broker yields rose 2.1% in May, up for a fourth consecutive month.

Retail services also saw a 0.5% increase, with sales in gardening supplies, electronics and appliances rallying after an April decline. 

Courtesy of Adobe Stock